UPDATE 1-EV maker Rivian expects wider operating loss for year

Reuters
·1 min read

(Adds details on adjusted operating loss forecast, shares)

Aug 11 (Reuters) - Electric-vehicle maker Rivian Automotive Inc on Thursday forecast a wider operating loss for the year, sending its shares down nearly 2% in extended trading.

Rivian said it now expects to post an adjusted loss before interest, taxes, depreciation and amortization of $5.45 billion, compared with $4.75 billion previously.

The company, however, beat quarterly revenue estimates as a ramp-up in production helped it deliver more SUVs, pickup trucks and vans.

The Irvine, California-based company has in recent months started overcoming the supply chain issues and semiconductor shortages that have curtailed its ability to meet soaring demand for electric vehicles.

Rivian reiterated its annual production forecast of 25,000 units and said it expects to add a second shift for vehicle assembly at its Normal, Illinois plant towards the end of the third quarter.

In the second quarter ended June 30, the EV maker delivered 4,467 vehicles, up from 1,227 units in the previous three months.

The company said it has received about 98,000 pre-orders for its R1S SUV and R1T pickup truck.

Revenue was $364 million in the second quarter, compared with the $337.5 million expected by analysts, according to IBES data from Refinitiv.

Net loss widened to $1.71 billion, from $580 million a year earlier. (Reporting by Akash Sriram in Bengaluru and Paul Lienert in Detroit; Editing by Aditya Soni)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • RLI Corp. (NYSE:RLI) Q1 2024 Earnings Call Transcript

    RLI Corp. (NYSE:RLI) Q1 2024 Earnings Call Transcript April 23, 2024 RLI Corp. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good morning, and welcome to the RLI Corp. First Quarter Earnings Teleconference. After management’s prepared remarks, we will open […]

  • Biden notches another union endorsement as building trades back reelection

    President Joe Biden secured the backing of another union on Wednesday as the organization representing American construction workers lined up behind the Democratic incumbent and called Donald Trump a dangerous threat to the nation. The head of the North America’s Building Trade Union, which will host Biden at its legislative conference in Washington later on Wednesday, in an ad said the Republican presidential nominee "was not a good man" and was only focused on returning to the White House "to exert revenge on people." "His dark side is very, very dark and very, very dangerous for this country," said NABTU President Sean McGarvey, who said he has known Trump, a real estate developer who served in the White House from 2017-2021, for decades.

  • Ferrari strikes multi-year partnership with HP for Formula One team sponsorship

    Ferrari has signed a multi-year partnership with HP, making the world's second-largest PC vendor the new so-called title sponsor of Ferrari's motor racing team, including for Formula One, the two companies said on Wednesday. Based on the agreement, for which no financial details were provided, the HP logo will make its debut on Ferrari's Formula One cars ahead of the Miami Grand Prix on May 3-5, when the team will start competing as Scuderia Ferrari HP, the companies said in a joint statement.

  • Shemar Moore Is Soaking Up Every Moment with Daughter Frankie, 15 Months: 'My Little Miracle' (Exclusive)

    The S.W.A.T. actor's toddler daughter plans to keep him on his toes until he's ready to return for the action series' 8th season

  • Raytheon Technologies Corporation (NYSE:RTX) Q1 2024 Earnings Call Transcript

    Raytheon Technologies Corporation (NYSE:RTX) Q1 2024 Earnings Call Transcript April 23, 2024 Raytheon Technologies Corporation misses on earnings expectations. Reported EPS is $ EPS, expectations were $1.23. Raytheon Technologies Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good day, […]

  • Indexes Try To Keep Rally Going; Tesla Soars After Results Hit Record Low As Musk Eyes New Market

    Dow Jones and other indexes tried to keep the rally going early Wednesday. Tesla soared after CEO Musk signaled an entry into new markets soon. Facebook parent next.

  • SmartFinancial, Inc. (NASDAQ:SMBK) Q1 2024 Earnings Call Transcript

    SmartFinancial, Inc. (NASDAQ:SMBK) Q1 2024 Earnings Call Transcript April 23, 2024 SmartFinancial, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Hello. And welcome to the SmartFinancial’s First Quarter 2024 Earnings Release and Conference Call. My name is Alex and […]

  • Feds need 'nuanced' approach to ensure public sector doesn't lose tech talent: Anand

    TORONTO — Treasury Board President Anita Anand says Canada has to take a "nuanced" approach to shrinking its public service in order to protect some of its tech worker ranks. Anand says she does not want to see the number of cyber or procurement experts decrease in an era when their skills are crucial. The remarks come roughly a week after the federal government's budget revealed natural rates of attrition will see the public service's size decline by 5,000 full-time roles over the next four yea

  • Mexico's presidential frontrunner Sheinbaum widens lead in April poll

    Former Mexico City mayor and ruling party candidate Claudia Sheinbaum increased her lead in the race for the presidency, an opinion poll showed on Wednesday, some 40 days before the election on June 2. An April 10-13 poll of 1,600 Mexicans by Mitofsky Tendencias for newspaper El Economista gave Sheinbaum, who represents the leftist National Regeneration Movement (MORENA), 51.4% support. Sheinbaum's closest rival is Xochitl Galvez, the candidate representing a three-party opposition coalition of ideologically diverse parties, with an estimated 26.7% of the vote.

  • The Bullish First-Quarter Report That Helped Boston Scientific Break Out — Twice

    Boston Scientific made a bullish move Wednesday morning, topping two buy points on a solid first-quarter report.

  • Herc Holdings Inc. (NYSE:HRI) Q1 2024 Earnings Call Transcript

    Herc Holdings Inc. (NYSE:HRI) Q1 2024 Earnings Call Transcript April 23, 2024 Herc Holdings Inc. misses on earnings expectations. Reported EPS is $2.29 EPS, expectations were $2.48. Herc Holdings Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good morning. […]

  • Carli Lloyd turns diplomat and takes a US message to kids in Greece

    One of America's greatest soccer players is spending the week in Greece working with kids and reminding everyone that the most important moments in sports don't always end with a group of Champagne-soaked winners holding up a trophy. Retired Olympian and World Cup star Carli Lloyd is joining onetime U.S. men's great Cobi Jones on the pitch and in communities in Greece as part of a program tailored by the U.S. Embassy in Athens, “Changing the Game: Sports for Inclusion.” One of its missions is to

  • Former USC RB Reggie Bush's Heisman Trophy reinstated and social media reacts

    Former Southern California running back Reggie Bush will have his 2005 Heisman Trophy win reinstated 10 years after he vacated it.

  • Tesla shareholder seeks to block Musk from litigating pay outside of Delaware

    WILMINGTON, Delaware (Reuters) -A Tesla investor who successfully sued to void Musk's $56 billion pay package has asked a Delaware judge to keep the lawsuit in the state, after the company asked shareholders to approve moving the electric vehicle maker's legal home to Texas. Richard Tornetta's legal team on Wednesday asked the Delaware judge who voided Musk's pay to rule on his request before the June 13 shareholder meeting. Tesla investors at the meeting will vote on moving the company's legal home out of Delaware and on approving Musk's 2018 pay package.

  • Polaris Inc. (NYSE:PII) Q1 2024 Earnings Call Transcript

    Polaris Inc. (NYSE:PII) Q1 2024 Earnings Call Transcript April 23, 2024 Polaris Inc. beats earnings expectations. Reported EPS is $0.06643, expectations were $0.06. Polaris Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good day, and welcome to the Polaris […]

  • The past three years for AXT (NASDAQ:AXTI) investors has not been profitable

    As every investor would know, not every swing hits the sweet spot. But really big losses can really drag down an...

  • Why a personal uniform is a go-to strategy for fashion designers

    Trends? Fashion designers have dictated a few. Yet in a business built on ever-changing style, one of the cleverest things you can do is have a style that barely changes. Which is likely why most designers have a uniform, and stick to it as devoutly as a priest.

  • NBT Bancorp Inc. (NASDAQ:NBTB) Q1 2024 Earnings Call Transcript

    NBT Bancorp Inc. (NASDAQ:NBTB) Q1 2024 Earnings Call Transcript April 23, 2024 NBT Bancorp Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good day, everyone. Welcome to the conference call covering NBT Bancorp’s First Quarter 2024 Financial Results. This […]

  • Hometown QB recruit keeping a close eye on Gamecocks ... and vice versa

    He’d like to play quarterback in college: Is that where South Carolina wants him?

  • Race Across The World's Alfie emotional over late mum in new episode

    Race Across The World's Alfie gets emotional as he shares his heartache over losing his mum for the first time on the race in a spoiler for Wednesday's upcoming episode.